Case Page

 

Case Status:    ONGOING    
On or around 10/27/2016 (Ongoing date of last review)

Filing Date: March 15, 2012

According to the law firm press release, the Complaint alleges that throughout the Class Period, defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, defendants made false and/or misleading statements and/or failed to disclose: (1) the full impact of certain manufacturing flaws on the Company’s earnings; (2) the Company was improperly recognizing revenue concerning certain products in its systems business; (3) the Company lacked adequate internal and financial controls; and (4) as a result of the foregoing, the Company’s statements were materially false and misleading at all relevant times.

On February 29, 2012, the Company announced its financial results for the fourth quarter and year ended December 31, 2011. Specifically, First Solar reported a decrease of $345 million in net sales for the fourth quarter, as compared to the previous quarter, “primarily due to the timing of revenue recognition in our systems business and lower for module-only sales.” In addition, the Company disclosed various charges to earnings, including a charge of $164 million for warranty payments to replace equipment that caused premature power loss in certain panels. The Company spent $125.8 million in the fourth quarter on warranty claims and has put aside $37.5 million to cover future claims.

On these revelations, First Solar shares declined $4.10 per share or 11%, to close at $32.30 per share, on February 29, 2012.

On July 23, 2012, the Court issued an Order appointing lead plaintiff and approving the selection of lead counsel. On August 17, plaintiff filed their amended complaint.

On October 8, 2013, the Court issued an Order granting Plaintiffs' motion for class certification.

COMPANY INFORMATION:

Sector: Technology
Industry: Semiconductors
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: FSLR
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Arizona
DOCKET #: 12-CV-00555
JUDGE: Hon. David G. Campbell
DATE FILED: 03/15/2012
CLASS PERIOD START: 04/30/2008
CLASS PERIOD END: 02/28/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bronstein, Gewirtz & Grossman, LLC (New York)
    60 East 42nd Street - Suite 4600, Bronstein, Gewirtz & Grossman, LLC (New York), NY 10165
    212.697.6484 212.697.7296 · info@bgandg.com
  2. Martin & Bonnett, P.L.L.C.
    1850 N. Central Avenue, Suite 2010, Martin & Bonnett, P.L.L.C., AZ 85004
    602.240.6900 602.240.6900 ·
  3. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: D. Arizona
DOCKET #: 12-CV-00555
JUDGE: Hon. David G. Campbell
DATE FILED: 08/17/2012
CLASS PERIOD START: 04/30/2008
CLASS PERIOD END: 02/28/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
No Document Title Filing Date